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Pattaya Daily News

28 July 2009 :: 10:07:28 am 33324

No Speculation on Baht, Says Thai Central Bank

BANGKOK, July 28 - Bank of Thailand (BoT) Governor Tarisa Watanagase on Monday indicated that no speculation on the baht had been found although the currency had strengthened in the past one or two days.
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She attributed the currency appreciation to foreign capital inflow and foreign investment in the Stock Exchange of Thailand (SET)

However, capital inflow remained normal although small, with some capital flowing into the stock market as foreign investors began to have renewed confidence in the market.

In comparison with other currencies in the region, she said, the baht is more volatile.

It is not unusual for the baht to strengthen or weaken in line with investor confidence.

“For instance, when the United States economy picks up, investors will turn to invest or speculate in risk assets, but if the economy is in trouble, they will go home. Many countries are aware of the matter and prepared for possible volatility,” she said

Mrs Tarisa said the country’s economic figures are not stable. It made investors feel uncertain about investment. Under these circumstances, she reiterated, importers and exporters should hedge against foreign exchange risks.

Asked whether the Thai economy would recover in the fourth quarter of this year as projected by the central bank, she said it must be closely monitored.

Still, the central bank governor allowed the country’s tourism had dropped significantly due to the global economic slowdown and the spread of A(H1N1) virus.

However, the central bank witnessed signs of improved consumer activity and investment following the distribution of second phase economic stimulus measures by the government. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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